{"id":54861,"date":"2017-07-19T12:11:03","date_gmt":"2017-07-19T19:11:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=54861"},"modified":"2017-07-19T12:11:03","modified_gmt":"2017-07-19T19:11:03","slug":"philippines-introduces-aml-controls-casinos-response-fed-bank-heist","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/","title":{"rendered":"Philippines Introduces AML Controls for Casinos in Response to Fed Bank Heist"},"content":{"rendered":"

Philippine President Rodrigo Duterte this week enacted legislation that will impose new anti-money-laundering directives (AML) on a previously very relaxed area of the regulated casino sector.<\/p>\n

\"Duterte
Rodrigo Duterte signs off legislation that will introduce requirements for casinos to report transactions over $99,000. Gaming establishments had previously been immune form AML laws. (Image: GMA Network)<\/figcaption><\/figure>\n

The country was left red-faced by the federal reserve cyber-heist, which focused the world\u2019s attention on its devil-may-care attitude to international AML protocols.<\/p>\n

On February 5, hackers flooded the Federal Reserve Bank of New York with requests for transfers totaling almost $1 billion from an account used by the government of Bangladesh. Around $101 million was successfully withdrawn before suspicions were raised.<\/p>\n

Some $20 million of this sum was quickly traced to Sri Lanka and recovered. The rest was transferred to Philippine bank RCBC and, from there, $46 million found its way, via a remittance company, into the Philippine casino industry<\/a>, where most of it disappeared.<\/p>\n

The incident prompted calls for reform from Philippine politicians and the World Bank.<\/p>\n

Exempt from AML Act<\/strong><\/h2>\n

Casinos are exempted from the Philippine\u2019s Anti-Money Laundering Act of 2001, which was passed largely as a measure to avoid being blacklisted by the Financial Action Task Force, an inter-governmental organization devoted to combating financial crime.<\/p>\n

Manila has become a casino hub in recent years, competing for its share of the VIP segment with the casino sectors of Macau<\/a> and Singapore.<\/strong><\/p><\/blockquote>\n

But while the the Anti-Money Laundering Act requires most Philippine financial institutions to report suspicious transactions, and all transactions over a $10,000 threshold, it was felt that the relationships between casinos and their high rollers should remain necessarily discreet.<\/p>\n

\u00a0<\/strong>$99,000<\/strong> Reporting Threshold<\/strong><\/h2>\n

\u00a0<\/strong>The new rules now require casinos to report all transactions exceeding five million pesos (around $99,000) to the central bank’s Anti-Money Laundering Council.<\/p>\n

The council will have powers to obtain injunctions freezing these funds for up to six months if it is suspected they are “in any way related to an unlawful activity.”<\/p>\n

“We should move to be more transparent by amending the law to protect our casinos from money laundering by crime syndicates,” said Josephine Sato, one of the new bill\u2019s authors.<\/p>\n

The approval of the measure was an uphill struggle due to fierce lobbying opposition from the gaming industry. Lawmakers wanted to introduce reporting requirements on transactions over $10,000, in line with AML laws in the US and elsewhere.<\/p>\n

The $99,000 could be seen as a more casino-industry-friendly compromise.<\/p>\n","protected":false},"excerpt":{"rendered":"

Philippine President Rodrigo Duterte this week enacted legislation that will impose new anti-money-laundering directives (AML) on a previously very relaxed area of the regulated casino sector. The country was left red-faced by the federal reserve cyber-heist, which focused the world\u2019s attention on its devil-may-care attitude to international AML protocols. On February 5, hackers flooded the […]<\/p>\n","protected":false},"author":42,"featured_media":54862,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60,13],"tags":[],"acf":[],"yoast_head":"\nPhilippines Introduces AML Controls for Casinos in Response to Fed Bank Heist<\/title>\n<meta name=\"description\" content=\"Philippine President Rodrigo Duterte has enacted a law that will introduce AML reporting requirements for casinos.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines Introduces AML Controls for Casinos in Response to Fed Bank Heist\" \/>\n<meta property=\"og:description\" content=\"Philippine President Rodrigo Duterte has enacted a law that will introduce AML reporting requirements for casinos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-19T19:11:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/07\/640_ZZZ_duterte_malaysia_4_2016_11_10_10_26_55.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"426\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/\",\"url\":\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/\",\"name\":\"Philippines Introduces AML Controls for Casinos in Response to Fed Bank Heist\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/07\/640_ZZZ_duterte_malaysia_4_2016_11_10_10_26_55.jpg\",\"datePublished\":\"2017-07-19T19:11:03+00:00\",\"dateModified\":\"2017-07-19T19:11:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Philippine President Rodrigo Duterte has enacted a law that will introduce AML reporting requirements for casinos.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/philippines-introduces-aml-controls-casinos-response-fed-bank-heist\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/07\/640_ZZZ_duterte_malaysia_4_2016_11_10_10_26_55.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/07\/640_ZZZ_duterte_malaysia_4_2016_11_10_10_26_55.jpg\",\"width\":640,\"height\":426,\"caption\":\"Rodrigo Duterte signs off legislation that will introduce requirements for casinos to report transactions over $99,000. 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